Veterinary Medicine
Veterinary Medicine Market by Product (Biologics, Medicated Feed Additives, Pharmaceuticals), Mode of Delivery (Injectable, Oral, Topical), Animal Type, Distribution Channels, End-user - Global Forecast 2024-2030
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[190 Pages Report] The Veterinary Medicine Market size was estimated at USD 42.34 billion in 2023 and expected to reach USD 45.51 billion in 2024, at a CAGR 7.69% to reach USD 71.16 billion by 2030.

The veterinary medicine market encompasses a broad range of medical products, services, and solutions to prevent, diagnose, and treat diseases in animals. This market serves a crucial role in ensuring the health and well-being of pet animals and maintaining the productivity and health of livestock worldwide. This market caters to companion animals such as dogs, cats, and horses and livestock, including cattle, pigs, and poultry. Veterinary medicines find application in various fields, including biosecurity, nutrition, and animal welfare, covering many end uses, from routine healthcare and preventive measures to emergency treatments. The primary users are veterinary hospitals and clinics, livestock farms, and sometimes pet owners directly. The end-use is driven by the necessity for maintaining animal health, ensuring livestock productivity, and preventing disease transmission from animals to humans. The veterinary medicine market is driven by several factors, including rising awareness of animal health and wellness, increasing ownership of companion animals alongside a willingness to spend on animal healthcare, growing demand for protein-rich diets leading to a need for healthier livestock, and government initiatives and regulations promoting animal health. However, the veterinary medicine market faces several challenges, including high costs of veterinary healthcare services and products, stringent regulatory approval processes for veterinary drugs and products, and limited access to veterinary care in underdeveloped and developing regions. On the other hand, the development of personalized medicine through genetic testing and tailored treatment plans, expansion of telemedicine and digital technologies for remote diagnostics and treatment, innovation in biotechnology for novel vaccines and therapeutics, and environmental sustainability in veterinary practice and animal agriculture present numerous opportunities for innovation and growth of the veterinary medicine market.

Regional Insights

In the United States, the veterinary medicine market is driven by high pet adoption rates and advanced healthcare infrastructure. Consumers strongly prefer premium, preventive medicines and are increasingly aware of animal health issues. Canada has high standards of animal care and significant expenditure on pet health. The market shows a leaning towards organic and natural veterinary products. Government initiatives promoting animal welfare have also encouraged growth in this sector. The South American market is witnessing growth due to the rising adoption of pet animals and increasing expenditure on animal health. Brazil and Argentina are at the forefront of the regional market owing to their large livestock populations and escalating demand for meat and dairy products. APAC is emerging as a rapidly growing region for veterinary medicine due to its expanding pet population, increasing disposable earnings, and raising awareness of animal health. China and India are at the forefront of the region's growth, fueled by their large livestock sectors and increasing pet adoption rates. Japan presents a mature market with high consumer awareness about pet health. The country strongly emphasizes innovation, with numerous patents filed for veterinary pharmaceuticals and technology solutions designed to enhance animal welfare and management. The EU states have stringent regulations governing animal health and veterinary products. This region has a robust veterinary healthcare system and high consumer demand for sustainable and ethical products. Research and investment are strongly directed towards biotechnology and precision medicine to enhance animal health outcomes. In the Middle East, the market is developing with increasing awareness about animal health, especially in the pet sector. Africa's veterinary medicine market faces challenges such as limited access to veterinary services and prevalent animal diseases. However, international collaborations and NGO activities aim to improve the situation by focusing on disease eradication and capacity building for veterinary services.

Veterinary Medicine Market
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Market Dynamics

The market dynamics represent an ever-changing landscape of the Veterinary Medicine Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Rapid growth in global livestock population due to rising demand for meat and dairy production
    • Rise in pet adoption rates
    • Increasing cases of zoonotic and chronic diseases
  • Market Restraints
    • High influx of counterfeit drugs
  • Market Opportunities
    • Rising R&D and procedural advancements in vet medicine
    • Rising spending on pet care in urban areas
  • Market Challenges
    • Short product exclusivity period
Market Segmentation Analysis
  • Product: Increasing preference for biologics to manage diseases in animals

    Biologics for veterinary use include vaccines, monoclonal antibodies, and other biological agents that prevent, treat, or manage diseases in animals. These products are critical for improving animal health and welfare, ensuring food safety, and preventing animal-to-human disease transmission. The need for preventive care in livestock and companion animals primarily drives a preference for biologics. Vaccines are especially in demand for their role in controlling infectious diseases. The pharmaceutical segment encompasses a broad range of drugs and treatments for animals, including anti-infectives, parasiticides, and anti-inflammatory medications. Pharmaceuticals are essential for treating specific diseases and conditions in animals. The demand for pharmaceuticals varies based on the prevalence of diseases and the emergence of new health issues among animals. There is a noted preference for treatments with minimal side effects and those that facilitate rapid recovery. Medicated feed additives are products incorporated into animal feed to prevent, treat, or manage diseases and enhance growth and feed efficiency. This category includes antibiotics, probiotics, vitamins, and minerals. The use of medicated feed additives is prevalent in the livestock sector to ensure healthy growth and to prevent disease outbreaks. There is a growing preference for nutritional additives and probiotics, reflecting the shift towards antibiotic stewardship. Biologics are increasingly favored for preventive care, especially vaccines, due to their crucial role in disease control. However, the complexity of development and regulatory approvals make them a high-investment area. Medicated Feed Additives, particularly non-antibiotic growth promotants, are preferred for their dual role in promoting growth and health, reflecting a shift towards more sustainable animal agriculture practices. Pharmaceuticals remain indispensable for targeted treatments, with innovation focusing on developing safer and more effective drugs.

  • End-user: Expanding usage of veterinary medicines at veterinary hospitals and clinics

    Veterinary hospitals and clinics encompass facilities that provide a broad range of veterinary healthcare services, including medical, surgical, and dental care. They often combine in-house testing capabilities with external laboratory services to offer comprehensive care. Reference laboratories are central facilities that handle more complex tests, often requiring sophisticated equipment or methodologies. They are preferred for specialized diagnostics that cannot be conducted in-house due to technical limitations or cost considerations. Point-of-care (POC) or in-house testing refers to medical examinations conducted at or near the site of patient care. The primary preference for this segment is its immediacy in obtaining results, which is crucial for rapid decision-making in treating animals. Each segment addresses unique needs within the veterinary healthcare market. Point-of-care testing is preferred for its immediacy and convenience, ideal for routine screenings and immediate treatment decisions. Reference laboratories are sought after for specialized diagnostics, offering a broader range of tests with higher complexity and precision. Veterinary hospitals and clinics provide the most comprehensive care, combining the strengths of both in-house testing and external laboratory diagnostics.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Veterinary Medicine Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Veterinary Medicine Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Veterinary Medicine Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Veterinary Medicine Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Veterinary Medicine Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Veterinary Medicine Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Veterinary Medicine Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Veterinary Medicine Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Veterinary Medicine Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Veterinary Medicine Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Veterinary Medicine Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Veterinary Medicine Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • ENTOD Pharmaceuticals Expands Global Reach with FUR Division, Offering Advanced Eye and Ear Care for Pets

    Entod Pharmaceuticals Ltd. introduced its latest division, FUR, which is dedicated to advancing veterinary ophthalmic and otic health. This innovative segment promises a comprehensive suite of treatments tailored for pets, from hydrating lubricants to advanced therapies against glaucoma, allergies, and infections, alongside multifaceted combination products. [Published On: 2024-01-15]

  • FDA approves first animal drug for Giardia duodenalis, additional drugs for cows, swine

    The Food and Drug Administration (FDA) granted approvals for innovative animal drugs, enhancing treatment options in veterinary medicine. This approval came for Ayradia by Virbac Animal Health, a metronidazole oral suspension, marking the first FDA-approved medication for combating Giardia duodenalis infections in dogs. [Published On: 2023-11-20]

  • Zoetis officially launches 2 FDA approved drugs in the US veterinary market

    Merck Animal Health announced plans to acquire the aqua business of Elanco Animal Health Incorporated. This acquisition is set to include a portfolio of medicines, vaccines, nutritional supplements for aquatic species, manufacturing facilities in Canada and Vietnam, and a research facility in Chile. This move aimed to broaden MAH's aqua portfolio with products such as CLYNAV, a DNA-based vaccine for Atlantic salmon, and IMVIXA, a treatment for sea lice, and enhanced water treatment offerings, aligning with their goal to accelerate vaccine development for aquatic needs. [Published On: 2023-10-11]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Veterinary Medicine Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Veterinary Medicine Market, highlighting leading vendors and their innovative profiles. These include Archer-Daniels-Midland Company, Biogenesis Bago SA, Biopharm company, Biowet Puławy sp. z o.o., Brovapharma, C. H. Boehringer Sohn AG & Co. KG, Ceva Sante Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Hester Biosciences Limited, Indian Immunologicals Ltd, Intracin Pharmaceutical Private Limited, JoinHub Pharma, Merck & Co. Inc., Nam Pharma Sdn Bhd, NAPHAVET Co., Ltd., Neogen Corporation, Nutreco N.V., Phibro Animal Health Corporation, Sykes Vet International Pty Ltd., TRAVETCO, Vetoquinol S.A., Vetpharma Animal Health S.L., Vetsintez LLC, Virbac SA, Weefsel Pharma, and Zoetis Inc..

Veterinary Medicine Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Veterinary Medicine Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Product
    • Biologics
      • DNA Vaccines
      • Inactivated Vaccines
      • Live Attenuated Vaccines
      • Recombinant Vaccines
    • Medicated Feed Additives
    • Pharmaceuticals
      • Analgesics
      • Anti-infectives
      • Anti-inflammatory
      • Parasiticides
  • Mode of Delivery
    • Injectable
    • Oral
    • Topical
  • Animal Type
    • Companion
      • Cats
      • Dogs
      • Horses
    • Production
      • Cattle
      • Fish
      • Poultry
      • Sheep & Goats
      • Swine
  • Distribution Channels
    • Hospital/Retail Pharmacies
    • Online Marketplace
  • End-user
    • Households/Farms
    • Veterinary Hospitals & Clinics

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Veterinary Medicine Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Veterinary Medicine Market, by Product
  7. Veterinary Medicine Market, by Mode of Delivery
  8. Veterinary Medicine Market, by Animal Type
  9. Veterinary Medicine Market, by Distribution Channels
  10. Veterinary Medicine Market, by End-user
  11. Americas Veterinary Medicine Market
  12. Asia-Pacific Veterinary Medicine Market
  13. Europe, Middle East & Africa Veterinary Medicine Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 828]
  18. List of Companies Mentioned [Total: 28]
Rising Spending on Pet Care in Urban Areas: The Scope of Veterinary Medicine
November 26, 2023
BLOG
Rising Spending on Pet Care in Urban Areas: The Scope of Veterinary Medicine
Owning pets entails a lot of responsibility, from feeding them nutritious food to making sure they get enough exercise; pet owners go above and beyond to ensure their furry friends stay healthy and happy. In recent years, urban areas have witnessed a surge in pet ownership, leading to a rise in spending on pet care. This trend has led to the growth of the veterinary medicine industry, which plays a significant role in keeping our pets in good health. In this blog, we discuss the scope of veterinary medicine and how it positively impacts the health and well-being of pets.

Preventive Care:

One of the primary duties of the veterinary medicine industry is to promote preventive pet care. From regular check-ups and vaccinations to dental and nutritional advice, veterinarians help pet owners keep their pets healthy and prevent illnesses. Preventive care aims to catch any issues before they turn into severe and reduce the risk of diseases.

Diagnosing Illnesses:

It’s not uncommon for pets to get sick, which is where veterinary medicine comes to the rescue. When pets fall ill, the vet examines them and checks for symptoms that require diagnosis. This diagnosis is done through X-rays, blood work, urine samples, or other tests, which help the vet arrive at a diagnosis. Once the diagnosis is made, the vet can develop an appropriate treatment plan to address the illness.

Surgery:

In the case of severe injury or illness, surgery may be required to help pets heal. The veterinary medicine industry includes highly trained surgeons who are equipped with modern facilities to carry out surgeries. Surgeries can include minor procedures, such as spaying and neutering, to more extensive operations, such as orthopedic surgeries. These surgeries help prevent long-term health issues and can enhance the quality of life of your pets.

Rehab and Recovery:

In many cases, pets can take some time to recover from surgeries or injuries. This is where the importance of rehab and recovery comes in. The veterinary medicine industry has rehab and recovery facilities that help pets recover faster and reduce the risk of complications. Services may include rehabilitation exercises, aquatic therapy, and other rehabilitation programs.

Behavioral Consultation:

While the focus of veterinary medicine is primarily the physical health of the pets, it’s also important to address their behavioral health. Veterinary professionals help pet owners understand their pet’s behavior and develop approaches to address behavioral problems such as aggression, anxiety, or destructive behavior. With the help of veterinary medicine, pet owners can provide a stable and happy environment for their pets.

The veterinary medicine industry plays a crucial role in the health and well-being of pets in urban areas. As pet ownership continues to rise, more and more pet owners are embracing the benefits of preventive care and regular check-ups. Pet owners can address any issues before they become severe by working with veterinarians, leading to happier and healthier pets. Moreover, the veterinary medicine industry provides vital support in the diagnosis and treatment of illnesses, surgeries, rehab, recovery, and behavioral consultation. With veterinary medicine, the bond between owners and pets is strengthened, and pets continue to thrive both physically and emotionally.

Frequently Asked Questions
  1. How big is the Veterinary Medicine Market?
    Ans. The Global Veterinary Medicine Market size was estimated at USD 42.34 billion in 2023 and expected to reach USD 45.51 billion in 2024.
  2. What is the Veterinary Medicine Market growth?
    Ans. The Global Veterinary Medicine Market to grow USD 71.16 billion by 2030, at a CAGR of 7.69%
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